Fundamental analysis for precious metals silver - 4/22/2009

By IBT Staff Reporter On 08/19/09 AT 7:10 AM

Silver also has respected the expected corrective actions which we mentioned in the mid-day report as it succeeded to relieve the indicators and gathered enough momentum around 11.86 zones whereas it started to build a bullish structure particularly if the volumes helped it to hit 12.05 zones which represents the pivot point of the intraday basis as shown on the hourly camarilla studies appeared on the subsidiary image. Stochastic supports this anticipated bullishness.

The trading range for today is among the key support at 11.35 and key resistance now at 13.10.

The general trend is to the upside as far as 10.95 remains intact with targets at 16.50.

Support

11.85

11.75

11.66

11.50

11.35

Resistance

12.25

12.35

12.50

12.64

12.75

Recommendation

According to our analysis, buy silver at 12.10 with targets at 12.75 and stop loss at 11.65.